The latest quarterly survey conducted by China’s central bank highlights ongoing challenges in the country’s economy, particularly in the job market and consumer spending.
According to the survey, which interviewed 20,000 residents across 50 cities, over 46% of urban dwellers perceive the job market as “precarious” and “uncertain.” Finding employment remains a challenge for many, with only 10.5% indicating that it’s easy to secure a job, while 62% express intentions to save more money.
Similarly, entrepreneurs share concerns about macroeconomic fundamentals, with nearly 42% feeling a cooling effect in areas such as job availability and demand.
Despite China’s reported 5.3% economic growth in the first quarter, reflecting progress towards the 2024 growth target, the survey suggests that public spending remains subdued. Over 70% of urban residents reported unchanged or decreased income, leading to a cautious approach towards spending.
Regarding the property market, respondents anticipate stability in prices, with a majority expecting them to remain the same in the upcoming quarter.
These findings underscore the ongoing efforts of policymakers to stimulate domestic consumption amid persistent economic challenges.
